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RBZ Governor’s FIU Reads Riot Act On Retailers, Manufacturers Price Hikes

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RBZ Governor’s FIU Reads Riot Act On Retailers, Manufacturers Price Hikes

The Reserve Bank of Zimbabwe (RBZ)’s Governor Dr John Panonetsa Mangudya has unleashed his Financial Intelligence Unit (FIU) summoning retailers and manufacturers to a meeting on “unjustified” price hikes.

This comes in the wake of some leading companies getting foreign currency from the auction but pegging prices using black market rates.

Financial Intelligence Unit (FIU) director-general Oliver Chiperesa confirmed the planned meeting saying:

“The FIU has summoned leading manufacturers and retailers to a meeting to be held on July 19, 2022(today), to discuss and put a stop to the practice.

“This will be followed by an intensive blitz where the FIU will partner with law enforcement agencies to identify and take legal measures against the culprits.”

Chiperesa said pegging prices at parallel market rates was illegal under the Exchange Control Act as well as Bank Use Promotion Act, as read with Statutory Instrument 118A of 2022.

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